Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.3.1.900
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Net sales $ 12,250,678 $ 12,154,784 $ 11,302,350
Royalty income 126,066 127,377 117,298
Total revenues 12,376,744 [1],[2] 12,282,161 [2],[3] 11,419,648
Costs and operating expenses      
Cost of goods sold 6,393,800 6,288,190 5,931,469
Selling, general and administrative expenses 4,178,386 4,159,885 3,841,032
Impairment of goodwill and intangible assets [4] 143,562 396,362  
Total costs and operating expenses 10,715,748 10,844,437 9,772,501
Operating income 1,660,996 [1],[2] 1,437,724 [2],[3] 1,647,147
Interest income 7,152 6,911 4,141
Interest expense (89,414) (86,725) (84,773)
Other income (expense), net 1,655 (5,544) (4,025)
Income before income taxes 1,580,389 1,352,366 1,562,490
Income taxes 348,796 304,861 352,371
Net income $ 1,231,593 [1],[2] $ 1,047,505 [2],[3] $ 1,210,119
Earnings per common share      
Basic $ 2.90 [1],[2],[5] $ 2.42 [2],[3],[5] $ 2.76
Diluted 2.85 [1],[2],[5] 2.38 [2],[3],[5] 2.71
Cash dividends per common share $ 1.3300 [1],[2],[5] $ 1.1075 [2],[3],[5] $ 0.9150
[1] Intangible asset impairment charges in the fourth quarter of 2015 reduced fourth quarter and full year operating results as follows: operating income - $143.6 million; net income - $97.1 million; and diluted earnings per share - $0.23. In addition, these intangible asset impairment charges reduced fourth quarter and full year 2015 basic earnings per share by $0.23 and $0.22, respectively. See Notes E, F and S.
[2] The fourth quarter and full year 2015 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the respective 2014 periods.
[3] Goodwill and intangible asset impairment charges in the fourth quarter of 2014 reduced fourth quarter and full year operating results as follows: operating income - $396.4 million; net income - $306.8 million; basic earnings per share - $0.71; and diluted earnings per share - $0.70. See Notes E, F and S.
[4] Reflects impairment charges in 2015 and 2014 related to the Contemporary Brands coalition. See Notes E, F and S for additional information.
[5] Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.